Reflections on the Operation of the Present Scale of Duty for Regulating the Importation of Foreign Corn (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1840. Excerpt: ... Of which paid duty--1833 1,330 quarters. 1834 390, 1835 125, 1836 1,945, 1837 210,900, It will be perceived that in the year 1837, a considerable quantity of corn paid a high rate of duty, concerning which Mr. Tooke, in his excellent work on Prices, f remarks " that this entry of foreign wheat at so high a duty was not because the importation could afford that duty, but because the holders having been disappointed in their speculation on a much lower duty, were content to submit to a heavy loss in the alternative of having the wheat wholly shut out from a market for an indefinite length of time." Owing to the failure of the grain crop in America, there was a considerable export to the United States in the year 1837, and also to our colonial possessions, by which the quantity of corn in bond was reduced. The quantity remaining in bond on the 5th of January, 1838, was 585,000 quarters, and including wheat-meal and flour, 630,000 quarters. The lowest expense of keeping wheat in bond is about 5s. per quarter per annum. If to this be added interest of money, deficiency in measurement, and perhaps accidental deterioration for the long period during which the corn remained in bond with the duty at a prohibitory rate, a loss equal to the original cost was probably sustained by the importers of foreign corn. Too many of our merchants can unfortunately corroborate the truth of this statement, if any doubt of its perfect accuracy were entertained. The duty paid on this wheat was nearly 300,000. f History of Prices. J 392 Ibs. of meal or flour are computed as a quarter. Some alleviation might be afforded, if the suggested permission to grind foreign corn in bond were granted; for once made into flour, it assumes a marketable shape, by being rendered u...